How the metaverse is shaping consumer behavior

The Metaverse, Brands, and Marketing

Today more than ever, consumers are looking for more from the brands they choose to buy from. Selling your products through e-commerce is a good start, but your buyers don’t just want products: They want complete experiences.

Image credit: freepik | lifestylememory

Experiences move the needle on your brand, but how can you create an engaging experience when you can’t meet your customers face-to-face?

One area where we’re seeing a lot of innovation is the metaverse. As of October 2021, the metaverse was already valued at $14.8 trillion globally. This is impressive, considering that it is still in its infancy.

But what exactly is the metaverse? And what does it mean for retail brands? Let’s take a look at how the metaverse works and three ways entrepreneurs can take advantage of it right now.

What is the metaverse?

Simply put, the metaverse is a digitized version of real life. If you’ve seen the movie Ready Player One, it’s a good representation of what the metaverse can become.

The metaverse is a global interconnected environment with features such as

  • Virtual reality (VR).
  • Non-Fungible Tokens (NFTs).
  • games of chance
  • Community and shared experiences.
  • Virtual places with geographical capacity.
  • Virtual trade.

In the metaverse, consumers can access a hyper-personalized experience that mimics leaving home for a big adventure, all from the comfort of their couch. Again, while it’s still in its early stages, you may one day be able to work, play, shop, and play in the metaverse. You will be free to be yourself, or you can create an avatar to navigate the metaverse.

Meta popularized the idea of ​​the metaverse, but in reality there are many companies that contribute to its construction. Since there are so many players, it is completely decentralized and continues to evolve.

How can we use the metaverse for customer experience and retail?

The metaverse sounds good, but how will it affect your brand?

The important thing is to realize that the metaverse is rapidly transitioning from a hobbyist platform to an ecosystem where people shop, influence, and live online. And your brand has to be where customers are online.

Aside from staying on the cutting edge of technology, the metaverse is important to retailers for a number of reasons.

  • Enables conversational marketing. Instead of yelling at your buyers, the metaverse gives you an avenue to have two-way conversations with shoppers at scale.
  • is traceable. Does the death of cookies get you down? No problem. The rich data of the metaverse means you own all your data firsthand, making personalized marketing a doddle.
  • It’s immersive. You are competing for the attention of shoppers on social media. But it’s much easier to keep someone’s attention during a branded game or in a virtual try-on.

And yes, several brands have already jumped on the metaverse train.

  • IKEA is using its Place app to show you an augmented reality image of how its furniture will look in your apartment.
  • L’Orealy Avon They allow you to virtually try on your makeup so you always choose the right shade.
  • bolle allows you to try on sunglasses to see how they look on your face. You can even look through the sunglasses to see how the lenses will hold up with daily wear.

Related: Gucci partners with Roblox to launch the metaverse world “Gucci Town”

What are the three strategies for entrepreneurs to enter the metaverse?

The metaverse may be hazy right now, but it’s clearly the way forward for the world of immersive retail. If you want to get ahead, you will have to market with avatars, create NFTs, and adopt non-traditional sales platforms.

Related: Metaverse Marketing Strategy: Everything You Need To Know!

1. Market with avatars

You are probably now following a business-to-consumer (B2C) model. But in the metaverse, you’ll see a B2A model: business-to-avatar. Incredible strides have been made to create more like-minded avatars to reflect everyday consumers.

Since each user creates an avatar to explore the metaverse, you will need to master the art of avatar marketing in an online space. B2A is a low-cost way to interact with shoppers in an online space that mimics real-world interactions. You can even take things a step further with avatar-friendly marketing like virtual tours, events, and games.

Disney is already building a completely virtual version of its theme parks in the metaverse for avatars to enjoy. The laws of physics don’t apply in the metaverse, so here’s your chance to create imaginative experiences that customers can’t wait to share with their friends.

But it all starts with a basic understanding of your target avatar, which will require knowing your buyers’ platforms, gaming preferences, and VR/AR/3D hardware.

The technology already exists, and reconstruction algorithms like the one developed by graphics expert Dr. Fangyang Shen can rapidly scan physical products and merchandise into photorealistic 3D models with accurate appearances at record cost. These technologies lay the groundwork for an online shopping experience that can satisfy the masses.

2. Create NFTs

Non-Fungible Tokens (NFTs) may seem complicated, but they are actually quite simple. They are a digitized product that users own in the metaverse. Sometimes NFTs are a digitized version of a real-world product, but other times they are a digital product itself, like clothing for Roblox.

NFTs are going to be the foundation of the metaverse economy. So buyers will not only buy your products, but they will also clamor for digital versions of your products. Now is the perfect time to learn how to create NFTs, to keep up with the development of the metaverse.

Related: NFTs are not what you think. are something much better

3. Consider less traditional sales platforms

In recent years, many businesses have comfortably embraced metaverse platforms like Facebook, Instagram, and TikTok, but here are some other platforms worth considering.

  • Recreation room
  • DressX
  • Twitter
  • Club House
  • Microsoft Mesh
  • Horizon

Get ready to trade in the metaverse

This technology is not perfect, but it is still a good idea to understand how it works as a user. As the metaverse continues to evolve, brand opportunities will follow, and that’s your chance to carve out a niche for yourself in the next generation of commerce.